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Hartman XX Adds Irving, Texas Office Building

Hartman Short Term Income Properties XX Inc., a Houston-based real estate investment trust, acquired the Corporate Park Place office building in Irving, Texas, within in the Dallas-Fort Worth Metroplex, for $9.5 million, exclusive of closing costs.  

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Corporate Park Place is a three story, 113,429-square-foot office building located on Corporate Drive in the Las Colinas Office Center. Built in 1980, the property is approximately 81 percent leased to 36 tenants including Baker Hughes, Reliant Energy, and Homeowners of America Inc.  

Hartman Short Term Income Properties XX financed the purchase with proceeds from its ongoing public offering and loan advance proceeds from a newly established revolving credit facility. An acquisition fee of approximately $237,500 was paid to Hartman Advisors LLC, the company’s external advisor.

Hartman Income REIT Management Inc. will manage and be the exclusive leasing agent for the property and will receive a monthly management fee of 3 percent of the effective gross revenues.

Earlier this month, the DI Wire reported that Hartman Short Term Income Properties XX acquired Ashford Crossing II in Houston, Texas for $10.6 million.

Hartman Short Term Income Properties XX Inc. is a Texas-centric real estate investment trust that seeks to acquire undervalued properties for its value-add investment strategy. The REIT owns 13 properties in the Dallas/Ft. Worth area, Houston, and San Antonio.